A AAA rating is the highest ranking available and according to Acton Town Manager John Mangiaratti, it can have a positive impact on the cost of the town borrowing money.

"It makes a big difference," Mangiaratti said. "Having a stronger bond rating helps us reduce the cost of that borrowing and will pay less in the interest."

Great news

"This is great news for us," said Mangiaratti.

He said the rating reflected strong financial planning on the part of the town, correct policy direction from the Board of Selectmen, and excellent work done by the town's Finance Department. In particular, Mangiaratti said he wanted to recognize Finance Director Steve Barrett, whom he said does a great job at overseeing the town's financial operations.

"We've worked hard to maintain our finances, and this bears out in our AAA bond rating," Mangiaratti said in a press release. "I am very proud of our Finance Department and their efforts to ensure that our residents and taxpayers continue to reap the benefits and savings that go along with such a strong bond rating."

Not easy to maintain

Mangiaratti said the rating is a difficult one to maintain. The rating agency goes through all aspects of the town's finances including what the town has in reserve, financial policies and procedures, debts, and factors like the local economy.

According to a summary on Acton's general obligation bond performance, S&P states that Acton's "very strong economy, very low fixed costs, and forward-looking financial planning policies and practices provide continued stability at the 'AAA' rating."

"S&P Global Ratings issues this rating only when they feel a creditor's capacity to meet its financial commitment on its obligations is extremely strong," states a press release from the town.